Wyoming Passes Crypto-Friendly Legislation, Protects Private Keys

• Wyoming lawmakers have passed legislation that prohibits state courts from ordering people to reveal their digital asset private keys.
• The new law stipulates that no one in Wyoming may be compelled to produce a private key or make a private key known to another person in any civil, criminal, administrative, legislative, or other proceedings.
• Wyoming is widely regarded as one of the most crypto-friendly states in the country.

Wyoming Passes Legislation Prohibiting Court Orders for Revealing Digital Asset Private Keys

Overview of the Legislation

Wyoming lawmakers have passed legislation that with one minor exception prohibits state courts from ordering people to reveal their digital asset private keys. On 15 February 2021, the Wyoming House of Representatives passed the bill by a vote of 41-13 and on 16 February 2021, the Wyoming Senate passed it by a vote of 31-0. If signed into law by Governor Mark Gordon it will go into effect on 1 July 2021.

Main Provisions of the Law

The new law states that no one in Wyoming may be compelled to produce a private key or make a private key known to another person in any civil, criminal, administrative, legislative, or other proceedings. Any private keys associated with digital assets as well as one’s digital identity are covered under this law. One minor exception is when public key is unavailable or unable to disclose details of a digital asset, digital identity or other interests or rights but this does not prevent anyone from being forced to create sell transfer convey or disclose a digital asset digital identity or other interest/right which can be accessed throught he use of private keys either directly or indirectly nor does it protect anyone from being forced to reveal information about such assets identities interests etc..

Why is This Significant?

This bill’s passage comes after being in works since September 2019 and its passing makes Wyoming even more attractive destination for those interested in cryptocurrency and blockchain technology as it was already seen as most crypto friendly state in US due its welcoming regulations and policies towards this sector which includes allowing decentralized autonomous organization (DAO)s such as limited liability companies (LLCs). It also considered issuing state issued stablecoin back in February 2022 however those efforts haven’t progressed much since then.

Conclusion

In conclusion this new legislation serves an important purpose for those who want to get involved with cryptocurrency and blockchain technology without fear of having their privacy compromised by court orders which could potentially lead them into legal troubles should they refuse comply with same order . It’s clear that Wyoming has taken an active stance towards protecting people’s rights when it comes using cryptocurrencies and blockchain technology within its borders making it an attractive destination for entrepreneurs looking take advantage these technologies .

Takeaway

Wyoming has become even more crypto friendly with passing of this legislation which protects citizens from being forced divulge their personal information about their transactions involving cryptocurrencies and blockchain technology .